Nevada County picayune., 1887-04-20

tached to and surrendered with the bond. Provided, that where inter. est coupons may be outstanding, and the principal of the bond from which they were taken has been paid in full, such coupons may be treated as though they were origi. nal bonds. Provided, further, that said State Debt Board may reject any and all bids under the provis- ions of this act.
 Sec. II. Upon the acceptance of any proposals of sale of any of the aforesaid bonds, the board shall make an order that the same be allowed, and the price agreed upon paid out of the sink ing fund. A copy of the order shall be filed with the auditor, who shall issue special warrant upon the treasurer m favor of the hold CT ot the bond or bonds purchased, reciting the numbers and dates of the bonds purchased, which shall be paid by the treasurer upon the holder acknowledging full satis faction of such bonds and warrant by indorsenent thereon and sur render thereOfto the treasurer; and said old bonds and coupons shall be cancelled by the State Debt Board, and shall be filed with the treasurer and be there kept for in. ture reference. 6
 Sec. 12. That said board may cause to be engraved and printed in denominations of one, two. five, ten, twenty and fifty dollars, State certificates of indebtedness, to be signed by the treasurer and ex. changed by him upon the order of the board for any of the outstand- ing valid and undisputed bonds and matured coupons of the State. Provided, no such certificates shall be prepared or issued until the holders of such bonds agree and contract with said board to .make an exchange of twenty five thous- and (s25,OO0) dollars, or more, thereof for such certificates.
 Sec. 13. The certificates prOv'd- ed for in thc proceeding section shall be receivable for the sinking fund tax, provided for in section : and shall also be receivable for the States prOrata of the purchase money paid for land forfeited to the State for the non.pay ot taxes, and for liquor license collect ed on the part of the State.
 Sec. 14. Said board shall keep a record of their proceedings, which shall he in the custody of the treasurer, when the board is not in session.
 Sec. 15. The sum of eight hun dred thousand (a8OO ,OOO) dollars is hereby appropriated out of the sinking fund, for the purchase of bonds, as provided in this act, for the two years commencing April l, 1887, and ending March 3l, 1889.
 Sec. 16. In order to secure the prompt payment of the certificates hereiubefore authorized. it is fur. ther enacted, as a part of the con tract on which said certificates shall be issued, aud as an inyioa. ble condition thereof, that until said certificates shall have been fully paid off and discharged. there shall be levied and collected an all. mual tax of one mill on the dollar on all the taxable property of the State, which money, so realized, is hereby expressly appropriated to the payment of said certificates un- til the same have been paid off and discharged; and the right of any holder of said certificates to the benefits berein provided shall be considered as vested aud inextin- guishable from the time of the is- suing thereof until said certificates shall have been fully paid of and discharged. All moneys belong ing to the said fund shall be an nually applied by the treasurer, under the direction of the State Debt Board, in extinguishing any of said certificates which may be ! outstanding.
 { Sec. l7. That Sec. of an act entitled san act providing for the support of the State Government and the dissolution of the State
 Board of Finance," approved Feb ruary 2l, 1885, and an act amenda- tory thereof entitled "an act pro